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fparks11
April 18, 2023
Question

insurance for rental claim ,

  • April 18, 2023
  • 1 reply
  • 0 views

payment was received in previous year and repairs a couple months later. How do I treat it on current taxes on taxes?

    1 reply

    V
    Vanessa A
    April 18, 2023

    If you received insurance payments for repairs that had to be made it is not a taxable event so it would not be included on your return.

     

    If however, you received more than the value of the damage, such as a total loss and the property appreciated in value, then it would be a taxable event.  This would be entered as an asset and then a disposal of the asset. 

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